Looking forward, analysts and commentators were buoyant once more after a week of uncertainty.

“Bitcoin is a coiled spring about to explode higher,” RT host and regular Bitcoin bull, Max Keiser, tweeted about the price potential.

Keiser had previously claimed multiple times that the Bitcoin price was due to grow in line with increasing network performance. Specifically, he highlighted mining metrics as a hint markets were about to expand.

Others were attempting to explain why BTC/USD had begun gaining and losing several hundred dollars within minutes at irregular intervals.

One theory revolved around margin trading — the increasingly popular tool offered by major exchanges such as Binance and, most notably, BitMEX.

As the Twitter account known as Squeeze noted, a deluge of margin calls produces just the form of price action on markets which had previously baffled some.